Prediction market startup Kalshi raised $1 billion in a Series F round that valued the company at $22 billion, TechCrunch reported on May 7.
Its valuation doubled from $11 billion in the Series E round five months ago.
Coatue led the round, with Sequoia, Andreessen Horowitz and Paradigm participating.
Bloomberg reported Kalshi's annual revenue has surpassed $1.5 billion.
The company said institutional trading on its platform has risen 800 percent over the past six months and it is handling 90 percent of U.S. prediction market activity. Rival Polymarket is working to lift operating restrictions imposed by the U.S. government in 2022.
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Chi-gyu Hwang
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